WASHINGTON–Reacting to a General Accountability Office report suggesting Congress look into possibly creating a federal insurance charter and U.S. insurance regulatory entity, state insurance regulators cautioned against "unjustified changes."

Coinciding with the comment from the National Association of Insurance Commissioners, the National Association of Mutual Insurance Companies noted that the report only mentions OFC and a federal regulatory entity but "makes no such recommendation and acknowledges that the authors did not study proposals for an OFC."

The Independent Insurance Agents & Brokers of America, like the other groups, reacted by praising state regulation and questioning the need for an OFC.

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